Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back On Profit-Taking
By:
Key Points:
- Natural gas prices moved lower in absence of additional positive catalysts.
- WTI oil pulled back towards the $81.00 level as traders took some profits off the table after the release of the EIA report.
- Brent oil settled below the $86.00 level.
Natural Gas
Natural gas pulls back as traders need additional positive catalysts to push prices above the $1.75 level.
If natural gas climbs above $1.75, it will move towards the resistance at $1.95 – $2.00.
WTI Oil
WTI oil moved lower as traders reacted to the EIA report. The report indicated that crude inventories declined by 2.0 million barrels, while total motor gasoline inventories decreased by 3.3 million barrels. Domestic oil production remained unchanged at 13.1 million bpd.
The EIA report was rather bullish, but it looks that traders decided to take some profits off the table ahead of the Fed decison.
Brent Oil
Brent oil pulls back amid profit-taking. Traders used the EIA report as an excuse to take some money off the table near multi-month highs.
From the technical point of view, the current pullback looks healthy. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
Did you find this article useful?
Latest news and analysis
Advertisement